Philippines newest billionaires list for 2011 from Forbes

The Philippines’ top 40 richest according to Forbes even grew to a collective $34 billion, up from last year’s $22.8 billion. The Philippines’ economy grew only 4.9% in the first quarter of the year in part because of a drop in trade and lower infrastructure spending by government, off from 8.4% in 2010, but the country’s stock market is booming. The stock exchange’s composite index is up 27% since last year, surpassing its 2007 benchmark. This lifted the fortunes of the country’s richest to an all time high.

Thirty-two tycoons are richer. For the fourth year in a row Henry Sy holds the top spot with a net worth of $7.2 billion, up from $5 billion last year. The biggest gainer in percentage terms is former trade minister Roberto Ongpin, whose fortune soared more than fourfold to $1.3 billion. Most of that gain was thanks to an increase in his stake in listed miner Atok-Big Wedge, though Ongpin says the company’s stock price overinflates its value.

Overall the number of billionaires has more than doubled this year to 11—a record haul. Among the newly minted billionaires is port operator Enrique Razon Jr., who saw his net worth jump to $1.6 billion from $975 million last year. Only two fortunes declined this year, both because of a better understanding of their assets and not because their companies performed poorly.

Among the four newcomers are Jose Antonio, founder of high-end property developer Century Properties; Jacinto Ng Sr., founder of biscuit maker Rebisco; and 34-year-old Edgar Sia II, the youngest on the list, who sold his barbecue chain to Tony Tan Caktiong’s Jollibee Foods. A minimum of $85 million was needed to make the list this year, up from last year’s $50 million.

Four from 2010 didn’t make the cut, including Lourdes Montinola, whose family owns 41% of Far Eastern University; and Jesus Tambunting, who controls Planters Development Bank. Their gains couldn’t match the stellar performance of others on the list.

The list was published by the magazine on its official website on June 22, and it shows GMA Network COO Duavit Jr. occupying the 26th spot with a net worth of $190 million, while network CEO Gozon clinches 30th place with an estimated $163 million in assets.

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